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California: The Franchise Tax Board issued a notice clarifying that the IRC section 367 regulations (disallowing deferred gain treatment for transfers of appreciated property to an entity that does not pay the otherwise applicable income tax) will be applied in cases involving the transfer of appreciated property to an insurer. One of the critical differences between California law and IRC section 367 is the treatment of complete liquidations of insurance companies.

Kansas: The Board of Tax Appeals found the Internet Tax Freedom Act did not preclude the Department of Revenue from assessing sales and use tax on an internet service provider’s (ISP) purchases of equipment (in this case, taxpayer purchases of transmitters, facilities, cables, routers, and switches used to provide internet service to customers in underserved areas).

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.